ASIC targets $408m in fees and levies
The Australian Securities and Investments Commission (ASIC) has estimated it will recover $408 million in fees and levies under the industry funding model in the current financial year.
The regulator has revealed the amount in its Corporate Plan released today stating that the $408 million will represent 69.9% of total appropriations received by ASIC.
The expected amount to be drawn from fees and levies will annoy financial advisers who are currently receiving invoices from ASIC for the levy to fund the Compensation Scheme of Last Resort (CSLR).
And, on the CSLR, ASIC declared one of its priorities over the coming 12 months as continuing to support the implementation of the CSLR.
“We will continue to support the implementation of the CSLR,” it said. “While the CSLR is an independent and not-for-profit company, ASIC is responsible for administering a levy system and has oversight of the CSLR.”
“We will also cancel financial services and credit licences where the CSLR operator has paid an amount of compensation in relation to a determination from the Australian Financial Complaints Authority (AFCA) that was not paid by the licensee.”
ASIC also listed as a priority providing support to Treasury around the Delivering Better Financial Outcomes (DBFO) law reform process in response to the Quality of Advice Review (QAR).
“We will continue to provide input into the reforms, and help implement any changes through guidance, legislative instruments and other relevant ASIC documents,” it said.
Releasing the corporate plan, ASIC chair, Joe Longo said transformation work which had been underway at the regulator over the past three years had helped it to review and clarify its focus areas.
“While the overarching themes of our existing strategic priorities remain consistent, our updated Corporate Plan demonstrate how we are evolving and adapting to the changing needs of our operating environment,” Longo said.
“As the agency embeds the new structure we implemented last year, we are better able to anticipate and respond to threats and opportunities.”
What an absolute joy this industry is.
I feel your pain
ASIC is it not a priority to stop Dodgy Dixon’s MIS fiasco that you had 10 years & 60 complaints about and did Nothing.
Better still ASIC let Dodgy Dixon’s float on the ASX with full knowledge of the MIS fiasco unfolding.
ASIC then let Dodgy Dixon’s ILLEGALLY PHOENIX 39 Advisers & 3,000 clients to E&P and ASIC again did Nothing.
ASIC now want to help implement the CSLR because of their incompetence so some of the Canberra bureaucrats can get Compo.
SURELY ASIC THIS WHOLE DODGY DIXONS FIASCO SHOULD BE YOUR CURRENT NUMBER 1 PRIORITY?
Guess not you wash totally innocent small business Advisers to bail you out.
Just like the Big Banks FFNS that ASIC knew about for 10 years and did nothing until the RC. Then Real Advisers small business got to pay huge ASIC levies to chase the banks theft.
What a totally corrupt and useless institution is ASIC
DISGUSTING ASIC
ohh here it is this is all about collecting more fees….
It’s better to be unlicensed cop a fine continue doing what your doing then paying all these ungodly fees… to a useless institution that has the balls of Nat ..
You still owe all advisers present at least $5million each in compensation for wiping out our businesses that we worked on for 20-30 years plus!!
Until then NOT a single advisor in this country has any respect for ASIC
The govt sponsored mafia or ASIC as they call themselves
CSLR is a total scam and so is the industry levy
Where is FAAA gone in all this ?? Did j not see that they were now fully involved and meetings where planned with treasury etc
Another useless annual fee
FAAA has FA as usual!!!